01:44 PM EDT, 06/05/2026 (MT Newswires) -- Energy stocks declined Friday afternoon with the NYSE Energy Sector Index falling 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.

The Philadelphia Oil Service Sector Index slumped 3.5%, and the Dow Jones US Utilities Index advanced 1.2%.

In sector news, skirmishes continued overnight between Hezbollah and Israel in southern Lebanon after the Iran-backed militant group rejected a US-brokered proposal aimed at securing a broader truce, Bloomberg reported.

US President Donald Trump said he would meet with Iranian Supreme Leader Ayatollah Mojtaba Khamenei if a deal is finalized to end the US-Iran war.

West Texas Intermediate crude oil fell 3.2% to $90.04 a barrel, and global benchmark Brent declined 2.2% to $92.96 a barrel. Henry Hub natural gas futures dropped 3.5% to $3.22 per 1 million BTU.

In corporate news, Eni (E) signed a petroleum exploration, development and production license agreement with the government of Gambia for the offshore block A1. Eni shares dropped 0.9%.

BP (BP) agreed to subscribe for 10 million British pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said. BP stock fell 1.4%.

Turbo Energy ( TURB ) regained compliance with Nasdaq's minimum stockholders' equity requirement after strengthening its balance sheet through $5 million in capital raises. Turbo shares fell 3.4%.